BRICS countries to remain engines for global economic growth

The world economy will recover slowly in 2013 amid many complex and uncertain factors. BRICS countries (Brazil, Russia, India, China, and South Africa) are exerting more influence on the world economy, owing to their rapid economic growth and huge market potential.

Zhang Jianping, a research fellow at the Institute for International Economics Research under the National Development and Reform Commission, said in an interview on Jan. 3 that according to statistics from the governments of BRICS countries and certain international institutions, BRICS economies will improve in 2013, and grow much faster than some developed economies, forming a sharp contrast to certain developed economies that are on the brink of recession.

China

More powerful internal driving force

Zhang believes that China will maintain relatively rapid economic growth and continue to be the “locomotive” of world economy this year by further expanding domestic demand, transforming the economic growth model, and adjusting the economic structure. As contributes to the country’s economic growth brought by consumption has exceeded those brought by investment, the Chinese economy will enjoy a more powerful internal driving force, and play a more stable and reliable role in promoting global economic development.

BRICS countries will be the key engines for global economic growth in 2013. They have gained more clout in the Group of Twenty, International Monetary Fund, World Bank, and other international institutions, and will play a more active role in global and regional economic governance.

BRICS countries are bound to exert more influence on the world economy in 2013.

Russia

Slashing budget to reduce financial risks

Russian economist Natalia Orlova believes that Russia needs to increase investment and improve productivity this year, and cannot just rely on consumption to boost economic growth.

Russia plans to slash its budget this year in order to reduce financial risks. It will make efforts to improve the competitiveness and production efficiency of domestic companies, and adjust its economic structure to enhance domestic development.

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